Diving-equipment manufacturer Aqualung has confirmed that it is in “exclusive discussions” with the US-Austrian HEAD Group concerning its potential acquisition of 100% of Aqualung Group, as revealed on Divernet on 2 April.
The deal remains subject to regulatory approvals and due legal process, but Victor Vadaneaux, a member of Aqualung Group’s supervisory board and an advisor to the company since last year, has been appointed CEO “to ensure a smooth transition and integration”.
Also read: HEAD brings £42m+ to rescue new acquisition Aqualung
The France-based Aqualung Group’s brands include Aqualung, Apeks and Aquasphere, and it says that the move would “significantly strengthen HEAD’s presence in the water sports segment”.
Originally known for winter and racquet sports, HEAD’s own portfolio has included Italian dive-gear manufacturer Mares since 1971, as well as Belgian-based rEvo rebreathers, online booking platform liveaboard.com and Australian swimwear brand Zoggs, acquired in 2020.
HEAD also took over SSI in 2014, and Aqualung says that the diver training agency has more than doubled its revenues since that time.
Aqualung Group says that its products are distributed in more than 90 countries, and that the acquisition would create “a world-class leader in the global water sports market, uniting two iconic players driven by safety, technical excellence, innovation, comfort and design, performance, and passion for sport and aquatic exploration.”
HEAD intends to maintain and develop the Aqualung Group, to reinforce its strategic and growing Military & Professional division and to build on its production capabilities, according to Aqualung.
“The combined expertise of the two companies would generate strong synergies, accelerate market leadership and open new opportunities to broaden access to water sports worldwide,” it says.
Aqualung Group has been owned by asset-management company Barings since 2023 and in recent times has been divesting itself of brands, facilities and staff in an attempt to solve its long-running financial problems.
Also on Divernet: HEAD looks set to buy Aqualung, Barings set to acquire Aqualung Group, Selling US Divers latest step in Aqualung revamp
